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Serbia Financial Sector Assessment Program UpdateThe Serbian insurance sector remains
 small and underdeveloped. Over the last three years, the
 market experienced very little growth in real terms mainly
 due to weak economic growth, premium payment difficulties in
 the industrial sector, which forced many corporate
 policyholders to cancel their insurance, and fierce price
 competition among the growing number of players. With
 consumption of 76 Pounds and 10 Pounds per capita for
 non-life and life insurance, respectively, Serbia lags
 behind most of its neighbors in Southeastern and Central
 Europe. In 2009 the industry accounted for only 4.6 percent
 of total assets and 5.6 percent of total capital in the
 Serbian financial sector. Although in 2008 the total gross
 premium written (GPW) for both life and non-life was SRD
 52.2 billion (dinars), representing a 5.3 percent annual
 inflation-adjusted increase over the previous year, in 2009
 the sector is likely to experience an 8 percent contraction
 due to the impact of the economic crisis.
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Financial Sector Assessment Program - Republic of Korea : Insurance Core PrinciplesThis report is an assessment of
 Korea's compliance with International Association of
 Insurance Supervisors' Insurance Core Principles
 (ICPs), as adopted in October 2011. The review was carried
 out as part of the 2013 Financial Sector Assessment Program
 (FSAP) assessment of Korea, and was based on the regulatory
 framework in place, the supervisory practices employed, and
 other conditions as they existed in April 2013. The
 assessment was carried out by Craig Thorburn, Lead Insurance
 Specialist, Non-Bank Financial Institutions Group, Capital
 Markets Practice, World Bank. The assessment is based solely
 on the laws, regulations, and other supervisory requirements
 and practices that were in place at the time of assessment.
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Nigeria : Insurance Core PrinciplesThis assessment provides an update on
 the significant regulatory and supervisory development in
 the Nigerian insurance sector since 2001. Nigeria undertook
 an initial Financial Sector Assessment Program (FSAP) in
 December 2001, which included a review of the structure of
 Nigeria's insurance market and the supervisory
 framework and approach. Nigeria has also undertaken reviews
 of its observance of international accounting and auditing
 standards (2004 and 2011), and corporate governance (2008).
 The Nigerian authorities have taken steps to address a
 number of weaknesses identified in the 2001 FSAP. The
 assessment was benchmarked against the Insurance Core
 Principles (ICPs) issued by the International Association of
 Insurance Supervisors (IAIS) in October 2011. As the
 compulsory insurance is enforced, the cost of intermediation
 of compulsory insurance and the purchase of retirement
 annuities need to be addressed to improve efficiency of the
 market. This note is structured as follows: chapter one
 gives key findings and recommendations; and chapter two
 gives detailed assessment.